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Bloomberg: Spotify plans revamp to free service

Published 04/10/2018, 04:12 PM
© Reuters.  Bloomberg: Spotify plans revamp to free service
SPOT
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  • Spotify (NYSE:SPOT) is planning a new version of its free streaming music service in a first move since its public listing, Bloomberg reports.
  • The company wants the free service to be easier to use, especially on mobile. The new service will give those users quicker access to playlists and more control over what's heard on top playlists, borrowing some features from the paid product.
  • This happens against a backdrop of a need for a funnel of free users coming in, since they're a key source to be steered to paid offerings -- which generated about 90% of its 2017 revenues but makes up less than half of the user base.
  • Shares closed up 3.3% today to $154.99 -- its highest close yet, and still below its listing open of $165.90.
  • Now read: Spotify: High Risk Without High (Enough) Reward


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